Banking and returning to Ireland (2024)

FAQs

Banking and returning to Ireland? ›

If you are returning to Ireland, you may want to open an Irish bank account. Before you open a bank account, you must show proof of identity (such as a valid passport or driving licence) and proof of address (such a recent utility bill).

As mentioned, it's not necessary to keep your Irish account open when moving abroad, but in most instances, it is wise, especially if you know you'll be returning in a number of months or years.

It is possible to open a bank account in Ireland as a non-resident, but it depends on the bank or provider. Some banks offer non-resident accounts, including Bank of Ireland and Allied Irish Banks (AIB).

If you have savings from income you earned abroad when you were non-tax resident in Ireland, you can transfer these savings to Ireland without having to pay Irish tax. If you were tax resident in Ireland when you earned your foreign income, you may have to pay tax if you transfer these savings to Ireland.

If you're not a resident in Ireland and want to open a non-resident account, you'll find traditional banks which offer this option. However, in this case you may be asked for: Copies of 2 photo ID documents, certified by a solicitor or police officer. Proof of address, certified by a solicitor or police officer.

Which Irish bank is best for non-residents? For non-residents in Ireland, N26 and Bunq are considered the best Ireland banks, offering convenient digital banking solutions tailored to their needs.

Inform your bank and credit card company of your travel plans, so they do not flag charges you make in another country as fraudulent. Some companies allow you to enter travel dates online, or call your bank directly.

You don't need to notify us of your travel plans. However, we may contact you by text or email while you're away to confirm your transactions. What do I do if I receive a text or email? If you receive a text and/or email while using your cards abroad, simply send us a one word response.

You may find a bank will also accept an Irish Residence Permit or a Temporary Residence Permit if you have one. For a standard Irish bank account, you'll need to be able to prove your Irish residential address. Proof of address documents can include: A recent utility bill (less than 6 months old)

Setting up an account and bringing an Interpreter to open an account. When you have your required documentation ready you can come into any Bank of Ireland branch and we can start the process to get your new account set up.

Is US social security taxed in Ireland? ›

The exemption from United States tax was agreed to by the US tax authorities on the basis that these pensions would be subject to tax in Ireland. Therefore, an Irish resident recipient of a United States social security pension is a chargeable person on such pension for income tax purposes.

If the donor dies within the 7 years from the date of the gift/transfer and the gift(s) are worth more than the IHT Nil Rate Band at the date of their death, a taper relief method will apply to same. How much tax is due depends on the value of the gift, when it was given and to whom.

If you receive a gift or an inheritance of foreign property, you may have to pay Irish Capital Acquisitions Tax (CAT). This will be the case if you, or the person that you receive the property from, are resident, or ordinarily resident, in Ireland. A certain amount of your gift or inheritance may be tax-free.

Most US, UK and Australian debit and credit cards should be usable in Ireland. Visa, Mastercard (Cirrus and Maestro) and American Express are all widely accepted. However, you may have a little more trouble using a Diner's Club card, and Discover isn't often accepted in Ireland.

Since opening an office in Ireland over 50 years ago, we have been helping clients navigate markets, industries and geographies to drive growth on a global scale.

You do not have to live in Ireland to maintain irish bank accounts.

Yes, it is a good idea to tell your bank that you're moving. If you don't, you could find that access to services like online banking is restricted once you've moved abroad. The bank could also freeze or close your account. You don't want to risk cutting off access to your money.

As discussed on this page, we would advise against closing unless it is absolutely necessary or unless there are large fees. In most situations, it best to keep accounts open and active - in particular, if you expect to return to the US in the future.

If you are non-resident you are required to pay Irish tax on any Irish sourced income. For example, if you rent out an Irish property while you are abroad, you are chargeable to Irish tax on this income. If you are working abroad for the Irish Government, you are required to pay Irish tax on that income.

There is no requirement stating that you must have a bank account in Ireland. This opens up many options for banking both within Ireland using online banks for Non-Resident Directors, and also banking abroad for your Irish Company.